Africa Israel USA is the American subsidiary of the Israeli conglomerate Africa Israel. The New York-based unit, launched in 2002, invests in real estate. Its holdings have included the Apthorp apartment complex on the Upper West Side, which Africa Israel USA converted to condos and the base of the old New York Times Building on West 43rd Street, which the firm sold in 2011. The company made a series of leveraged bets on New York real estate in the run up to the global financial crisis, which went sour when financing became less readily available. As a result, its portfolio has been greatly diminished.

A 49 percent stake in the rental building closed for $37 million. The transfer of Africa Israel USA's remaining stake, the senior mortgage and the mezzanine loan is expected to close in the first half of 2012. The prices for those components were $17 million, $132 million and $24 million, respectively, according to a previous report by Bloomberg News, for a total cost of about $210 million. The deal is being closed in two stages for accounting purposes, according to David Schwartz, Waterton Associates' co-founder.

The tenant signed a long-term lease for multi-level retail space for its Running Subway division, an entertainment group with projects throughout the city. The deal includes 4,406 square feet at ground level, 20,349 square feet in the basement and 34,539 square feet in the subterranean level. The reported asking rent for the ground-floor space was $60 per square foot; the lower level had an asking rent of $60 per square foot. This is landlord Africa Israel's first lease at the old New York Times building.

Africa Israel sold a 49 percent share in the former New York Times Building for $49 million. The buyer has an option to purchase an additional 1 percent interest in the property, and will take on a share of the $711 million in costs for redeveloping the building.

A 49.9 percent interest in the Clock Tower portion of the property sold for $150 million. The sale will help finance the planned conversion of the building into luxury apartments. Africa Israel paid $200 million for the building last year.

Africa Israel sold its entire stake in the property for $150 million. The Israel-based company also sold minority shares of 5 Madison Avenue for $150 million and the former New York Times Building at 229 West 43rd Street for $49 million to help finance redevelopment projects for the buildings (see below). Includes 15 Broad Street.

The Lev Leviev-led investment firm bought the old New York Times building for $525 million, or $704 per square foot. After the Times moves to its new space, the property will be completely vacant, and Africa Israel could spend $170 million on upgrades. Tishman Speyer acquired the building in 2004 for $175 million.